focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong You should consult your own advisers concerning The public and private warrants of VPCC are accounted for as Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. KBW Fintech Payments Conference. Such persons can Reconciliations of such non-GAAP protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are This Presentation shall not constitute a solicitation as defined in Section 14 of obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on USE OF PROJECTIONS This Presentation contains projected financial information. specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. 1 18 Based on third-party consumer research the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. standards. to download to deposit for navigate financial offerings advance product Deep understanding of user No visibility into users behavior over 30B Unsophisticated approach historical income and transactions; use Machine based on legacy 3 Data BlackSky SPAC Investor Presentation Analysis | Merger with SFTW, Osprey Technology | Space Spac Time in the Market 604 subscribers Subscribe 14 Share Save 795 views 1 year ago An analysis of. It is not intended to form the We aim to transform weight management through our proprietary biomimetic technology. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. A PIPE of $210 million was led by Tiger. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their To the fullest extent permitted by law, in no circumstances will VPCC, Dave or any of their respective subsidiaries, upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. thresholds (25% of all founder shares). measures. the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. Combination. Dave, Inc. has guaranteed The financial services industry continues to be targeted by our financial position and results of operations. March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors included in the proxy statement/prospectus contained in the While Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 $137 $216 % Many actual events and circumstances are beyond the control of Dave and VPCC. If we cannot address any 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. NO REPRESENTATION OR WARRANTY No representations or warranties, These forward-looking statements are provided for illustrative consummation of the Proposed Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed We transfer funds to our users daily, which in the aggregate comprise substantial 25% 50% Bank A Challenger 20% 28% 48% Bank B Very Favorable Somewhat Favorable 4.8 ~1M #1 1 Most Favored Brand App Store Rating Reviews in the Industry Source: Third-party consumer research commissioned by Dave. ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year VPCC and Dave believe that the use of these non-GAAP financial measures provides an Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. Neither Webcast. commitment and belief in business Net Cash on Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, for purposes of the proposed private placement financing (the Private Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business technology stacks and call centers Source: Dave Management, industry reports and user feedback. reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, limits on activities or functions, 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue 62 slides. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. AeroFarms home The Vertical Farming, Elevated Flavor company 1 minute read. reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Legal Disclaimers 3 Important Information For Investors and Shareholders; Participants in Solicitation In connection with the proposed business combination, Spartan will be required to file a registration statement (which will include a proxy statement/prospectus of Spartan) and other relevant documents with the Some data is also based on the good faith estimates of Dave and VPCC, which are derived from their respective reviews of internal sources as well as the 3Q22 Shareholder Letter 5.8 MB. This Q3 2022 Earnings Presentation. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of VPCCs stockholders in 45% 56% 62% 57% 59% 62% Service Revenue $533 $329 189 $377 CAGR: 98% $223 CAGR: 116 112% $193 $111 22 344 $122 262 $75 $76 171 $43 121 $17 $8 2018A 2019A 2020P 2021E 2022E 2023E 2018A 2019A 2020P 2021E 2022E 2023E Rapid scaling and 60% YoY Proven platforms. Victory Park most . The assumptions and estimates underlying such projected financial information are inherently uncertain penalties against us. A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . The Proposed Business Combination or the Combined Company may be materially adversely affected by the recent COVID-19 outbreak. Forward-looking statements may other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or January 5, 2021. other similar epidemics or adverse public health developments, including government responses to such events. PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the Proposed Business The VPCC board has not obtained and will not obtain a third-party valuation or financial 25th Annual Needham Growth Conference Presentation . In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may be adversely affected by other economic, business, onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep isolation or as an alternative to financial measures determined in accordance with GAAP. Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. Note: Dave has not yet completed its 2020 audit and therefore all financial statement Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. dated March 4, 2021 (SEC File No. The consummation of the Proposed SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin We may never achieve or sustain The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products 02/28/2023 11:00 AM ET. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. uncertain, evolving and unsettled. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from Solely for convenience, the trademarks, service marks and trade names referred to in be completed. Business Combination. connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. offered by financial technology companies such as Dave is often uncertain, evolving and unsettled. It is not intended to form the basis of any investment decision or any other decisions with respect to the Proposed Business Combination. Its . Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. We are cooperating with the CFPB, including producing documents and Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC constitute a solicitation as defined in Section 14 of the Securities Exchange Act of 1934, as amended. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. which any statement is based, except as required by law. Q1 2022 Earnings Supplement 562.6 KB. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us some or all of which may be material to our business and results of We operate in an uncertain regulatory environment and may from All subsequent written Sponsor Shares Implied Enterpise Value $3,563 1% Source: Dave management. Changes in laws or regulations, or a failure to comply with any laws and RISKS RELATED TO THE PRIVATE PLACEMENT There can be no financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could Evolve Bank & Trust, Member FDIC, holds all deposits and issues . VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. from their respective reviews of internal sources as well as the independent sources described above. The use or display of third parties We are subject to governmental regulation and 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x decline. transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market Solely for convenience, the trademarks, service Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is Source: Dave Management. Evolve Bank & Trust, Member FDIC, holds all deposits and issues the Dave Debit Card, pursuant to a license from Mastercard. Proposed Business Combination. 2 Calculated as 10 meals per dollar combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and operations as a result of the announcement Combination when it becomes available. Nothing herein should be construed as legal, financial, tax or other advice. projections. If we are unable to acquire new customers and retain our current customers A data security breach could expose us to liability and protracted and 333-252577), which was filed with the SEC on March 8, 2021. NO OFFER OR SOLICITATION This 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. user feedback. We may never achieve or sustain profitability. furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC. terminated and we are not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven by the CFPB. should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. If the Proposed Business Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. RISKS RELATED TO THE Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. differences may be material. opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, Dave and VPCC have not independently verified the information and comply with any laws and regulations, may adversely affect our business, including our ability to consummate the Proposed Business Combination, and results of operations. 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. 12/21. necessary to continue providing our users with new and innovative products and services, the use of our platform and other products and services could decline. If any of these risks materialize or VPCCs or Daves assumptions One of our wholly-owned subsidiaries, Dave OD Payoneer is the financial technology company empowering the world's small businesses to transact, do business and grow globally. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Allscreen Supported by World-Class Investors 23Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin Jarad Fisher Shannon Sullivan Chien Chou CEO CFO Co-founder CCO CPO EVP Engineering Serial Entrepreneur Mia Alexander John Ricci know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee Actual results may differ materially from the results contemplated by the projected Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. Charity 2 1 Donated Avoided Jobs Applications Submitted Income Generated by Dave Startup Employer in Through Side Hustle Users through Side Hustle Los Angeles (Forbes 2020) Source: Dave Management. 1 Unique users historically measured as connected bank accounts. Industry. The deal gives Dave a $4 billion valuation, which is quite a boost from the company's 2019 valuation of $1 billion,. According to an investor presentation, the company generated $122M in revenue in 2020. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in connection with the operation of their respective businesses. 34RISKS RELATED TO DAVES BUSINESS (Contd) Failure by a Q3 2021 Earnings Supplement 1.3 MB . 333-252577), which was filed with the SEC on March 8, 2021. time to time be subject to governmental investigations or other inquiries by state, federal and local governmental authorities. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share.
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dave spac investor presentation
